Equity Placing, Convertible Loan Notes & Warrants

Marula Mining PLC

("Marula'' or the "Company")

Equity Placing, Proposed Secured Convertible Loan Notes and Issue of Warrants

27 October 2022

Marula Mining (AQSE: MARU), an African focused mining investment company, announces that it has raised £450,000 of gross proceeds through the issue of 22,500,000 new ordinary shares at a price of 2 pence per new ordinary share (the "Fundraise").

Furthermore that it has conditionally agreed to issue £265,000 of secured Convertible Loan Notes ("CLN") to Brahma Finance (BVI) Limited ("Brahma") repayable 2 years from the date of issue, subject to, inter alia, shareholder approval at the Company's upcoming annual general meeting.

Fundraise

22,500,000 new ordinary shares in the Company have been subscribed for at an issue price of 2p, raising gross proceeds of £450,000 through the Fundraise. For each two shares issued, the shareholder participating in the Fundraise, will receive a warrant allowing the holder to subscribe for an additional share in the Company at an exercise price of 4 pence for a period of exercisable until 31 December 2025 ("Fundraise Warrant").  A Fundraise Warrant has been issued over 11,250,000 new ordinary shares.

Net proceeds of the Fundraise will be used for general working capital purposes and to fund its investment strategy, new investment acquisitions and ongoing exploration and development activities at the Blesberg Lithium and Tantalum Project, the Nkombwa Hill Tantalum, Rare Earth Elements and Phosphate Project and the Kinusi Copper Project.

The Company can also confirm that it is in advanced discussions with two African focused mining investment funds on further investments of up to a further £1.0 million which it hopes to finalise in the next 3 weeks.

Proposed Issue of Convertible Loan Note and CLN Warrant

Brahma will be able to convert part or all of the CLN in minimum increments of £10,000, with the conversion price being fixed at 2p per new ordinary share. Interest will accrue on the CLN at 7.5% per annum, and all interest payable for the full term of the CLN will be deducted from the initial payment to the Company by Brahma and an additional fee of £13,125 is applicable, and such amount will be deducted from the initial payment to the Company by Brahma.

The CLN will be secured by fixed and floating charges over all assets of the Company arising pursuant to a debenture.

Further to the CLN agreement, Brahma will also conditionally receive a warrant over 13,250,000 new ordinary shares with an exercise price of 4p per new ordinary share ("CLN Warrant"). The CLN Warrant is exercisable until 31 December 2026. The issue of the CLN Warrant is subject to, inter alia, shareholder approval at the Company's annual general meeting.

Admission

Application has been made for the 22,500,000 new ordinary shares to be admitted to trading on the Aquis Stock Exchange Growth Market ("Admission"). Admission is expected to occur at 8:00 am on or around 4 November 2022.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 87,007,248 ordinary shares of 0.01p each, with each share carrying the right to one vote.

Therefore, the total number of voting rights in the Company will be 87,007,248. This figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in the Company, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

The Directors of Marula are responsible for the contents of this announcement. This announcement contains inside information for the purposes of UK Market Abuse Regulation.

For enquiries contact:

Caution;

This announcement has been prepared for information purposes only.

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.